IFGL vs VNQI: Grades, Fees and Holdings Compared

iShares International Developed Real Estate ETF

IFGLCNasdaq

Vanguard Global ex-U.S. Real Estate ETF

VNQIANasdaq

Overlap

58.9%by weight

Expense ratio

VNQI −0.38pt a year

IFGL0.50%VNQI0.12%

Avg volume · 30D

VNQI 16.3×the volume

IFGL18KVNQI293K

10Y return · a year

VNQI +0.5pt

IFGL+1.4%VNQI+1.9%

IFGL vs VNQI Performance

Nov 2, 2021 – Nov 2, 2026

−14.0%IFGL−8.7%VNQI

Expense ratio: IFGL 0.50%; VNQI 0.12%, better
Fund size: IFGL $80M; VNQI $3.6B
1Y total return: IFGL −3.0%, better; VNQI −4.5%
Yield (12M): IFGL 4.51%; VNQI 5.02%, better
Holdings: IFGL 276; VNQI 799
Avg volume (30D): IFGL 18K sh; VNQI 293K sh, better
NAV per share: IFGL $20.94; VNQI $42.63
52W range

ETF.net Grade

Pillar letters and Scores for IFGL, VNQI, with each pillar’s weight
Pillar	IFGL	VNQI
Cost30% weight	C44	A94Higher
Mission25% weight	A83	A85Higher
Risk15% weight	C43Higher	C41
Tradability15% weight	F22	B59Higher
Holdings10% weight	B65	A84Higher
Durability5% weight	B64	A91Higher

Rank among Global & International Real Estate funds

How we build Categories ›

Same Category. IFGL and VNQI are both graded against the same 18 Global & International Real Estate funds, so their Grades compare head to head.

Global & International Real Estate⁠

Category · 18 funds

See all 18 ›

VNQI ranks 4th and IFGL 11th of 18 funds in the Global & International Real Estate Category.

Rank 1AREETiShares Global REIT ETFScore 78
Rank 2ADFGRDimensional Global Real Estate ETFScore 77
Rank 3AHAUZXtrackers International Real Estate ETFScore 76
Rank 4AVNQIVanguard Global ex-U.S. Real Estate ETFScore 74
Rank 5BGQRENorthern Trust Global Quality Real Estate ETFScore 67
Rank 10CCRIBRussell Investments Global Real Estate ETFScore 45
Rank 11CIFGLiShares International Developed Real Estate ETFScore 43
Rank 11CRITAETFB Green SRI REITs ETFScore 43

Our read on each fund

ETF.net Research

IFGLCiShares International Developed Real Estate ETF

VNQIAVanguard Global ex-U.S. Real Estate ETF

In short

IFGL The 2007 original in overseas property: one index, developed markets outside the US, no emerging-market detour, no US REITs. About 300 names, cash paid quarterly, 0.50% a year with no waiver trimming it.

VNQI Everything outside the US property market in one ticker: roughly 700 REITs, landlords and developers across 30-plus countries, developed and emerging, for 0.12% a year.

Stated mandate

IFGL The fund seeks to track an index of real estate equities in developed non-U.S. markets.

VNQI The Fund seeks to track the S&P Global ex-U.S. Property Index, an index of international real estate stocks in developed and emerging markets. It generally uses full replication and invests at least 80% of assets in index securities.

Why people hold it

IFGL Launched November 2007, it predates the ex-US property funds that followed (VNQI in 2010, REET in 2014) and carries nearly two decades of live history.vanguard.com sec.gov
Developed markets only. Its FTSE EPRA Nareit Developed ex US benchmark leaves out emerging-market property, which the indexes behind VNQI and REET both include.vanguard.com sec.gov
Roughly 300 landlords and property names spread across developed markets outside the US, with distributions on a quarterly schedule.blackrock.com

VNQI At 0.12% a year, it costs about a quarter of the typical global real estate fund and lands within two basis points of the cheapest in its peer group (HAUZ, 0.10%).
Full replication across roughly 700 names in more than 30 countries, so no single Tokyo landlord or Sydney mall owner carries the portfolio.vanguard.com
The benchmark reaches past pure REITs into companies that own, manage and develop property, which is how it covers markets where the REIT structure barely exists.spindices.com
Trading since 2010 and one of the tighter index trackers in its cohort, which is the whole job for a fund like this.

Worth knowing

IFGL Fee is 0.50% with no waiver, near the category norm, while HAUZ (0.10%) and VNQI (0.12%) reach similar overseas property for a fraction of that.
One of the lighter-traded names in its category, on a modest asset base, which tends to show up as wider bid-ask spreads than the category giants.
No US real estate at all by design, so it covers one side of the global property market rather than the whole map.

VNQI Currency exposure is unhedged, so moves in the dollar against the yen, euro and other local currencies feed straight into results.vanguard.com
Emerging markets and China-linked property companies are in the mix, a risk set the prospectus calls out separately from developed-market investing.vanguard.com
Distributions land annually or semiannually rather than monthly, so the income arrives in lumps.

Full IFGL profile⁠

Full VNQI profile⁠

IFGL vs VNQI Holdings

How IFGL and VNQI differ

Overlap by weight

58.9%

Shared holdings make up 88.5% of IFGL and 58.9% of VNQI.

Level by level

Asset classReal Estate, Equity0.0%
Sector21 Sectors0.0%
Holdings224 in both58.9%
Countryby domicile71.7%

Sector

Sector weights in IFGL and VNQI, widest gap first
Sector	More in IFGLMore in VNQI	IFGL	VNQI
Real Estate	VNQI +98.3 points	0.0%	98.3%
Real Estate Operating Companies	IFGL +18.4 points	18.4%	0.0%
Industrial REITs	IFGL +17.2 points	17.2%	0.0%
Diversified Real Estate Activities	IFGL +15.5 points	15.5%	0.0%
Retail Reits	IFGL +15.4 points	15.4%	0.0%
Diversified REIT's	IFGL +15.1 points	15.1%	0.0%
Office REITs	IFGL +6.7 points	6.7%	0.0%
Multi-Family Residential REITs	IFGL +3.5 points	3.5%	0.0%
Health Care REITs	IFGL +2.2 points	2.2%	0.0%
Real Estate Development	IFGL +1.6 points	1.6%	0.0%
Hotel & Resort REITs	IFGL +1.4 points	1.4%	0.0%
Data Center REITs	IFGL +0.8 points	0.8%	0.0%
Self Storage REITs	IFGL +0.8 points	0.8%	0.0%
Health Care Facilities	IFGL +0.7 points	0.7%	0.0%
Industrials	VNQI +0.7 points	0.0%	0.7%
Consumer Discretionary	VNQI +0.6 points	0.0%	0.6%
Internet Services & Infrastructure	IFGL +0.5 points	0.5%	0.0%
Financials	VNQI +0.4 points	0.0%	0.4%
Hotels Resorts & Cruise Lines	IFGL +0.1 points	0.1%	0.0%
Health Care	Same weight	0.0%	0.0%
Technology	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IFGL and VNQI, widest gap first
Country	More in IFGLMore in VNQI	IFGL	VNQI
United Arab Emirates	VNQI +8.8 points	0.0%	8.8%
Australia	IFGL +6.0 points	16.9%	10.9%
China	VNQI +5.1 points	0.0%	5.1%
United Kingdom	IFGL +4.2 points	11.0%	6.8%
India	VNQI +3.9 points	0.0%	3.9%
Canada	IFGL +3.9 points	5.9%	2.0%
Singapore	IFGL +2.9 points	9.0%	6.1%
Japan	IFGL +2.8 points	24.7%	21.9%
Other countries (26)	VNQI +1.9 points	32.6%	34.5%

Outside the US: IFGL 98% developed, 2% emerging. VNQI 71% developed, 29% emerging.

Concentration

Weight in the 10 largest Holdings

IFGL28.8%
VNQI21.4%

Securities held

IFGL258
VNQI767

Asset class

IFGL: Real Estate
VNQI: Equity

Holdings

Only in IFGL34
In both224
Only in VNQI543

Only in IFGL

34 securities, 10.6% of IFGL by weight

Vonovia SE2.00%
Hongkong Land Holdings Ltd1.22%
Chartwell Retirement Residences Re0.72%
Riocan Real Estate Investment Trus0.67%
Capitaland Investment Ltd0.65%
First Capital Realty Real Estate I0.53%
Canadian Apartment Properties Real0.52%
Nextdc0.47%
Choice Properties Real Estate Inve0.42%
Dream Industrial Real Estate Inves0.39%
Smartcentres Rl Estate Investment0.38%
Primaris Real Estate Investment Un0.28%
Handr Real Estate Investment Trust0.26%
Boardwalk Real Estate Investment T0.26%
Killam Apartment Reit Units Class0.22%
Crombie Real Estate Investment Tru0.19%
Argan SA0.19%
Aroundtown SA0.18%
Goodman New Zealand & Goodman Prop0.15%
Precinct Properties Nz & Precinct0.15%
Vital Infrastructure Property Unit0.11%
Kiwi Property Group Ltd0.11%
Starhill Global Reit Units Trust0.09%
Allied Properties Real Estate Invt0.08%
Argosy Property Ltd0.07%
Sunevision Holdings Ltd0.06%
Pph Hotel Group0.06%
Stride Property & Stride Investmen0.05%
Infracore N SA0.04%
Sveafastigheter Class B0.04%
Stendorren Fastigheter Class B0.04%
Home Invest Belgium Reit SA0.03%
Healthcare & Medical Investment Re0.03%
Intu Properties Reit PLC0.00%

Only in VNQI

543 securities, 41.8% of VNQI by weight

Emaar Properties PJSC2.73%
SLBBH11421.80%
Daiwa House Industry Co Ltd1.68%
Vonovia SE1.39%
CK Asset Holdings Ltd1.16%
China Resources Land Ltd1.10%
Hongkong Land Holdings Ltd0.77%
China Overseas Land & Investment Ltd0.62%
Daito Trust Construction Co Ltd0.60%
NEPI Rockcastle NV0.55%
Tokyu Fudosan Holdings Corp0.45%
DLF Ltd0.45%
Fibra Uno Administracion SA de CV0.44%
Prologis Property Mexico SA de CV0.44%
Embassy Office Parks REIT0.39%
Mega Or Holdings Ltd0.39%
Phoenix Mills Ltd/The0.38%
Lodha Developers Ltd0.37%
Big Shopping Centers Ltd0.35%
Fibra MTY SAPI de CV0.34%
Growthpoint Properties Ltd0.33%
Umm Al Qura for Development & Construction Co0.32%
MSCI EAFE Dec260.32%
China Resources Mixc Lifestyle Services Ltd0.31%
Usd/Jpy Fwd 202612160.31%
Plaza SA0.30%
Emaar Development PJSC0.30%
Corp Inmobiliaria Vesta SAB de CV0.28%
Prestige Estates Projects Ltd0.27%
SM Prime Holdings Inc0.27%
Redefine Properties Ltd0.26%
Dar Al Arkan Real Estate Development Co0.26%
Godrej Properties Ltd0.26%
Parque Arauco SA0.26%
Central Pattana Pub Co-Forei0.25%
Brookfield India Real Estate Trust0.23%
Wharf Holdings Ltd/The0.23%
Mivne Real Estate KD Ltd0.22%
Highwealth Construction Corp0.21%
Oberoi Realty Ltd0.21%
Vukile Property Fund Ltd0.21%
RioCan Real Estate Investment Trust0.21%
Makkah Construction & Development Co0.20%
Mabanee Co KPSC0.20%
Knowledge Realty Trust0.19%
Ctp NV0.19%
Fortress Real Estate Investments Ltd0.19%
Nexus Select Trust0.18%
Ruentex Development Co Ltd0.17%
Talaat Moustafa Group0.17%

Weight gaps

The 100 widest of 224 Holdings in both funds.

Holding weights in IFGL and VNQI, widest gap first
Holding	More in IFGLMore in VNQI	IFGL	VNQI
Goodman Group Units	IFGL +1.93 points	5.75%	3.82%
Mitsui Fudosan	IFGL +1.40 points	3.91%	2.51%
Mitsubishi Estate Co Ltd	IFGL +1.28 points	4.02%	2.74%
Segro Reit PLCSGRO.L	IFGL +0.98 points	2.50%	1.52%
Link Real Estate Investment Trust	IFGL +0.77 points	2.00%	1.23%
Swiss Prime Site AG	IFGL +0.76 points	1.91%	1.15%
Scentre Group	IFGL +0.73 points	1.99%	1.26%
Unibail Rodamco We Stapled Units	IFGL +0.63 points	1.80%	1.17%
Sun Hung Kai Properties Ltd	IFGL +0.62 points	2.68%	2.06%
Capitaland Integrated Commercial T	IFGL +0.62 points	1.72%	1.10%
Land Securities Group Reit PLCLAND.L	IFGL +0.51 points	1.12%	0.61%
Psp Swiss Property AG	IFGL +0.50 points	1.28%	0.78%
Klepierre Reit SA	IFGL +0.44 points	1.33%	0.89%
Charter Hall Group Stapled Units	IFGL +0.42 points	1.03%	0.61%
Gpt Group Stapled Units	IFGL +0.40 points	1.00%	0.60%
Stockland Stapled Units Ltd	IFGL +0.39 points	1.11%	0.72%
Vicinity Centres	IFGL +0.37 points	1.01%	0.64%
Granite Real Estate Investment Sta	IFGL +0.37 points	0.55%	0.18%
British Land ReitBLND.L	IFGL +0.34 points	0.88%	0.54%
Capitaland Ascendas Reit	IFGL +0.34 points	1.08%	0.74%
Londonmetric Property Reit PLCLMP.L	IFGL +0.33 points	0.86%	0.53%
Aedifica NV	IFGL +0.33 points	1.00%	0.67%
Wharf Real Estate Investment Compa	IFGL +0.32 points	0.94%	0.62%
Mirvac Group Stapled Units	IFGL +0.29 points	0.79%	0.50%
Nippon Building Fund Reit	IFGL +0.27 points	0.93%	0.66%
Azrieli Group Ltd	IFGL +0.27 points	0.70%	0.43%
Henderson Land Development Ltd	IFGL +0.26 points	0.72%	0.46%
Tritax Big Box Reit PLCBBOX.L	IFGL +0.26 points	0.78%	0.52%
Merlin Properties Reit	IFGL +0.25 points	0.84%	0.59%
Warehouses De Pauw NV	IFGL +0.24 points	0.68%	0.44%
Castellum	IFGL +0.23 points	0.63%	0.40%
Leg Immobilien N	IFGL +0.22 points	0.62%	0.40%
Unite Group Reit PLCUTG.L	IFGL +0.22 points	0.49%	0.27%
Dexus Stapled Units	IFGL +0.23 points	0.65%	0.42%
Sino Land Ltd	IFGL +0.21 points	0.75%	0.54%
Allreal Holding AG	IFGL +0.21 points	0.52%	0.31%
Japan Real Estate Investment Trust	IFGL +0.20 points	0.70%	0.50%
Sagax Class B	IFGL +0.20 points	0.55%	0.35%
Glp J-Reit Reit	IFGL +0.20 points	0.60%	0.40%
Japan Metropolitan Fund Investment	IFGL +0.19 points	0.68%	0.49%
Colonial Sfl Socimi SA	IFGL +0.19 points	0.32%	0.13%
Fastighets Balder Class B	IFGL +0.19 points	0.51%	0.32%
Gecina SA	IFGL +0.18 points	0.55%	0.37%
Nippon Prologis Reit	IFGL +0.19 points	0.56%	0.37%
Mobimo Holding AG	IFGL +0.18 points	0.47%	0.29%
Shaftesbury Capital Reit PLCSHC.L	IFGL +0.17 points	0.44%	0.27%
Swire Properties Ltd	IFGL +0.17 points	0.47%	0.30%
Tokyo Tatemono	IFGL +0.16 points	0.59%	0.43%
Keppel Dc Reit	IFGL +0.16 points	0.54%	0.38%
Derwent London Reit PLCDLN.L	IFGL +0.16 points	0.41%	0.25%
Mapletree Logistics Trust Units	IFGL +0.15 points	0.44%	0.29%
Sumitomo Realty & Development	IFGL +0.16 points	2.04%	1.88%
Suntec Reit Units Trust	IFGL +0.15 points	0.34%	0.19%
Nomura Real Estate Holdings Inc	IFGL +0.15 points	0.44%	0.29%
United Urban Investment Reit	IFGL +0.15 points	0.46%	0.31%
Primary Health Properties Reit PLCPHP.L	IFGL +0.15 points	0.46%	0.31%
Melisron Ltd	IFGL +0.15 points	0.44%	0.29%
Japan Hotel Investment Reit	IFGL +0.15 points	0.45%	0.30%
Big Yellow Group Reit PLCBYG.L	IFGL +0.15 points	0.35%	0.21%
Uol Group Ltd	IFGL +0.13 points	0.43%	0.30%
Invincible Investment Reit	IFGL +0.13 points	0.42%	0.29%
Sirius Real Estate LimitedSRE.L	IFGL +0.12 points	0.31%	0.19%
Tag Immobilien AG	IFGL +0.12 points	0.36%	0.24%
Grainger Reit PLCGRI.L	IFGL +0.12 points	0.27%	0.15%
Great Portland Estates Reit PLCGPE.L	IFGL +0.12 points	0.27%	0.15%
Daiwa House Reit Corp	IFGL +0.12 points	0.42%	0.30%
City Developments	IFGL +0.12 points	0.38%	0.26%
Covivio SA	IFGL +0.12 points	0.40%	0.28%
Mapletree Industrial Units Trust	IFGL +0.12 points	0.43%	0.31%
Kdx Realty Investment Reit Corp	IFGL +0.11 points	0.48%	0.37%
Hammerson Reit PLCHMSO.L	IFGL +0.12 points	0.38%	0.26%
Nomura Real Estate Master Fund Rei	IFGL +0.11 points	0.49%	0.38%
Frasers Centrepoint Units Trust	IFGL +0.10 points	0.31%	0.21%
Charter Hall Long Wale Reit Staple	IFGL +0.10 points	0.25%	0.15%
Orix Jreit Reit Inc	IFGL +0.11 points	0.43%	0.32%
Region Group Stapled Units Ltd	IFGL +0.10 points	0.28%	0.18%
Charter Hall Retail Units	IFGL +0.11 points	0.23%	0.12%
Pandox	IFGL +0.10 points	0.27%	0.17%
Advance Residence Investment Reit	IFGL +0.10 points	0.35%	0.25%
Frasers Logistics & Commercial Tru	IFGL +0.10 points	0.30%	0.20%
Industrial & Infrastructure Fund I	IFGL +0.10 points	0.31%	0.21%
Hulic	IFGL +0.10 points	0.83%	0.73%
Ingenia Communities Group Stapled	IFGL +0.09 points	0.23%	0.14%
Mapletree Pan Asia Commercial Trus	IFGL +0.09 points	0.31%	0.22%
Safestore Holdings Reit PLCSAFE.L	IFGL +0.09 points	0.24%	0.15%
Montea NV	IFGL +0.09 points	0.23%	0.14%
Keppel Reit Units	IFGL +0.09 points	0.31%	0.22%
Catena	IFGL +0.09 points	0.25%	0.16%
Wihlborgs Fastigheter	IFGL +0.09 points	0.28%	0.19%
Centuria Industr Units	IFGL +0.09 points	0.19%	0.10%
Japan Prime Realty Investment Reit	IFGL +0.08 points	0.32%	0.24%
Activia Properties Reit	IFGL +0.08 points	0.25%	0.17%
Capitaland Ascott Stapled Unit Tru	IFGL +0.08 points	0.26%	0.18%
Supermarket Income Reit PLCSUPR.L	IFGL +0.08 points	0.23%	0.15%
Bwp Group Stapled Units Trust	IFGL +0.08 points	0.23%	0.15%
Deutsche Wohnen	IFGL +0.07 points	0.13%	0.06%
Homeco Daily Needs Units	IFGL +0.08 points	0.22%	0.14%
Mitsui Fudosan Logistics Park Reit	IFGL +0.07 points	0.27%	0.20%
Parkway Life Reit Trust	IFGL +0.07 points	0.21%	0.14%
Altra Fastigheter	IFGL +0.07 points	0.17%	0.10%

All 258 IFGL holdings⁠All 682 VNQI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IFGL vs VNQI Cost

Overpaying IFGL vs VNQI

$7,459

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IFGL 0.50%
$9,979
VNQI 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

IFGL 0.50%
VNQI 0.12%
Overpaying

Year by year

Year	IFGL	VNQI	Overpaying
10	$900	$220	$680
20	$3,460	$859	$2,601
30	$9,979	$2,520	$7,459

Expense ratio

0.50%IFGL
0.12%VNQI, cheaper

VNQI0.12%IFGL0.50%

0.10%0.60%

Middle half of Global & International Real Estate funds
Median 0.49%

VNQI 2nd cheapest of 18 funds

IFGL 10th cheapest of 18 funds

IFGL vs VNQI Dividends

Last 12 months to Nov 2, 2026

Yield (12M): IFGL 4.51%; VNQI 5.02%, better
Payout (12M): IFGL $0.95; VNQI $2.16
Last payment: IFGL $0.20; VNQI $2.16
Ex-dividend: IFGL Sep 15, 2026; VNQI Dec 19, 2025
Paid on: IFGL Sep 18, 2026; VNQI Dec 23, 2025
Frequency: IFGL Quarterly; VNQI Annual

Distribution history

Per share, 2017 to 2026, same scale for both

IFGLQuarterly · 35 paymentsAll IFGL payments⁠

VNQIAnnual · 17 paymentsAll VNQI payments⁠

IFGL vs VNQI Risk

Fall from peak · 5 years

IFGL
VNQI

Risk facts

VolatilityStd dev, 3 years: IFGL 17.7%VNQI 15.9%, better
Return per unit of riskSharpe ratio, 3 years: IFGL 0.32VNQI 0.36, better
Worst fallMax drawdown, 5 years: IFGL −36.8%VNQI −33.4%, better
Market sensitivityBeta, 5 years: IFGL 1.02VNQI 0.95; Market = 1

IFGL and VNQI in the news

All news⁠

Deep Dive
Global real estate ETFs that are up for 2026 are built mostly of U.S. REITs
Oct 14, 2026IFGLVNQI
Deep Dive
The 10-year is back at 5.01%. Listed REIT funds fell 2%
Sep 19, 2026VNQI
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026VNQI
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026VNQI

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IFGL vs VNQI

In short

Stated mandate

Why people hold it